Russia says OPEC, non-OPEC to discuss output scenarios in Algeria

An aerial view of the offshore platform of Iran's Soroush oil field in the Persian Gulf

Futures in London were little changed near $79 a barrel after a 1.3 percent gain Tuesday.

Oil prices rose on Monday as investors focused on the impact of US sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the United States could together raise output fast enough to offset falling supplies.

Refineries in the United States consumed about 17.7-million barrels a day of crude oil last week while China's refiners used about 11.8-million barrels a day in August, according to government data from the countries, the most among the world's countries. Problems with supply are already being felt with most nations complying ahead of time with US demands to end all exports of oil from Iran.

Oil prices slipped on Tuesday morning in Asia as the US vowed to impose 10% tariffs on a further $200 billion worth of Chinese goods on Monday, which rattled the markets. OPEC revenues will decline to US$719 billion in 2019, according to EIA projections, driven mainly by lower crude oil prices, as well as slightly lower OPEC production and exports.

Refiners in India, Iran's second largest crude buyer will cut their monthly crude loadings from Iran for September and October by almost half from earlier this year. The global benchmark traded at a $9.32 premium to WTI for the same month on Friday.

With WTI falling back towards 69.50, buyers will be scrambling to keep prices bolstered from yesterday's late swing low of 69.30, with a floor underneath current prices from the weeks triple-touch near 68.50, while any bullish plays will have to clear last week's high at 71.25. Total volume traded was about 52 percent below the 100-day average.

Prices in NY and London both rose as much as 2.2 percent in the previous session after Saudi Arabia was said to be comfortable with higher crude prices, at least in the short term, as the market adjusts to the loss of Iranian supplies.

Under the 2015 nuclear deal, most global sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.

The cartel is nevertheless likely to face anger from Iran as it has come under more and more pressure once US President Donald Trump pulled his country out of the 2015 nuclear deal reached between Tehran and leading world powers in early May. Trump sent several tweets stating that prices are too high after Brent rose to a three-year high in May.

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